The Tamil Nadu government today signed a memorandum of understanding (MoU) with Caparo Engineering India for setting up a Rs 40 crore stamping unit at the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) park at Nilakottai in Dindigul district.Caparo Engineering, belonging to the UK-based Caparo Group founded by leading NRI industrialist Lord Swraj Paul, has proposed to set up the unit in 20 acre land in two phases.About 400 people, 250 directly and the rest indirectly, are expected to get employment at the unit, and the operations are expected to commence by October 2009, an official release said today.N Govindan, chairman and managing director, SIPCOT, signed the MoU with Sunil Pahilajani, managing director and chief executive officer, Caparo Engineering.Govindan signed another MoU with L Ramkumar, president and director of Fenner (India), for a plant to manufacture belts (V-belts and timing belts) at the same park. The plant is likely to be operational soon.
